Competition in UK banking : a report to the Chancellor of the Exchequer

The Review investigated three areas in depth: money transmission - the flow of money between firms, individuals and government through the payments system; services to personal customers; and services to small and medium-sized businesses (SMEs).

It posed the following questions: is competition effective?; will the future change things for the better?

The answer to the first question was No for all three groups.

The Review concludes that the essential first step towards increased competition is a new policy framework for the relationship between government and the banking industry.